The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 183,940 1,119,536 SH   SOLE   864,777 0 254,759
AMERICAN CAMPUS CMNTYS INC COM 024835100 202,129 4,682,154 SH   SOLE   3,618,681 0 1,063,473
AMERICAN TOWER CORP NEW COM 03027X100 216,259 904,621 SH   SOLE   702,363 0 202,258
AMERICOLD RLTY TR COM 03064D108 142,280 3,698,468 SH   SOLE   2,863,014 0 835,454
BROADSTONE NET LEASE INC COM 11135E203 209 11,438 SH   SOLE   11,438 0 0
CAMDEN PPTY TR SH BEN INT 133131102 160,252 1,458,033 SH   SOLE   1,147,782 0 310,251
CUBESMART COM 229663109 226,131 5,977,566 SH   SOLE   4,605,755 0 1,371,811
DIGITAL RLTY TR INC COM 253868103 136,980 972,595 SH   SOLE   700,421 0 272,174
EASTERLY GOVT PPTYS INC COM 27616P103 49,962 2,410,144 SH   SOLE   1,874,663 0 535,481
EQUINIX INC COM 29444U700 312,466 459,786 SH   SOLE   370,014 0 89,772
EQUITY LIFESTYLE PPTYS INC COM 29472R108 182,986 2,875,326 SH   SOLE   2,233,294 0 642,032
EQUITY RESIDENTIAL SH BEN INT 29476L107 352,179 4,916,644 SH   SOLE   3,798,411 0 1,118,233
ESSEX PPTY TR INC COM 297178105 154,123 566,963 SH   SOLE   436,827 0 130,136
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 186,476 1,838,104 SH   SOLE   1,433,894 0 404,210
HEALTHPEAK PROPERTIES INC COM 42250P103 264,871 8,345,016 SH   SOLE   6,440,845 0 1,904,171
INVITATION HOMES INC COM 46187W107 551,512 17,240,140 SH   SOLE   13,399,237 0 3,840,903
KILROY RLTY CORP COM 49427F108 353,399 5,384,720 SH   SOLE   4,223,950 0 1,160,770
KIMCO RLTY CORP COM 49446R109 253,197 13,503,821 SH   SOLE   10,536,432 0 2,967,389
PROLOGIS INC. COM 74340W103 830,938 7,839,034 SH   SOLE   6,072,858 0 1,766,176
PUBLIC STORAGE COM 74460D109 235,235 953,294 SH   SOLE   733,379 0 219,915
REALTY INCOME CORP COM 756109104 247,020 3,890,085 SH   SOLE   3,016,225 0 873,860
SWITCH INC CL A 87105L104 265 16,300 SH   SOLE   16,300 0 0
TERRENO RLTY CORP COM 88146M101 32,100 555,651 SH   SOLE   430,521 0 125,130
URBAN EDGE PPTYS COM 91704F104 196,886 11,918,064 SH   SOLE   9,856,747 0 2,061,317
WELLTOWER INC COM 95040Q104 470,710 6,571,405 SH   SOLE   5,128,132 0 1,443,273